Billionaires consider overhaul of US media groups as media faces trust problem

Stay informed with free updates

Simply sign up to the myFT Media Digest – delivered straight to your inbox.

Efforts by tech billionaires Patrick Soon-Shiong and Jeff Bezos to overhaul two of America's most trusted newspapers in an effort to restore trust in the news media are raising concerns among press advocates.

Soon-Shiong, a biotechnology entrepreneur who bought the Los Angeles Times in 2018, said this week that he had quietly built an artificial intelligence-powered bias counter to attach to newspaper articles.

So someone might understand from reading it that the source of the article has some level of bias… And then, automatically, the reader can press a button and get exactly both sides of that same story. .. and then give feedback, Soon-Shiong said during an appearance on political commentator Scott Jennings' radio show.

I knew I had to address even the newsroom and say, look, are you sure your news is news? Or is your news really [your] opinion on your news? he said.

These comments were criticized by the press and journalists.

He publicly declares himself opposed to his own staff… You have declared your lack of trust in them and that you will independently monitor and grade them in a public place, said Ann Marie Lipinski, curator of the Harvards Nieman Foundation . for journalism.

I just think it's really unhealthy for an already fragile industry.

Vivian Schiller, the former chief executive of NPR, described the plans as everyone's worst nightmare involving a billionaire owner.

American newspapers have been plagued financially for decades after the advent of the Internet destroyed the print advertising model that supported the industry.

Billionaires became white knights acquiring major regional American newspapers that were cash-strapped but still wielding influence.

It was thought of as: Hey, this is great… They'll sit down, run the company and we'll do the journalism. Of course, we're seeing the limits now, said Gabriel Kahn, a journalism professor at the University of Southern California.

Amazon founder Jeff Bezos acquired the Washington Post in 2013 and was previously credited with turning around the newspaper's fortunes. But the Post lost momentum, losing much of its audience and tens of millions of dollars a year.

Bezos told The New York Times' DealBook conference Wednesday that he has many ideas for restoring the paper.

I'm working on this at the moment. And I have a few little inventions there, he said. We are facing the problem that all traditional media face, which is a very difficult and significant loss of trust.

Both Soon-Shiong and Bezos sparked outrage in their newsrooms when they withdrew their support for presidential candidate Kamala Harris in their newspapers just weeks before the US election.

Bezos said Wednesday: I'm proud of the decision we made, and it was far from cowardly. He also said he had high hopes for Donald Trump's return to the White House.

Recommended

Soon-Shiong told Jennings on Wednesday: I knew I was going to be in pain, I knew it was going to be painful. I knew people don't like change.

Soon-Shiong recently named Jennings, who previously worked in the George W. Bush administration, to the LA Times editorial board to create some level of balance.

A spokesperson for the Los Angeles Times did not respond to requests for comment.

Trust in American media is at an all-time low. In 2024, fewer than a third of Americans said they have a lot or a fair amount of trust in the media to report the news fairly and accurately, compared with about 70% in the 1970s, according to Gallup polls.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos